Reinsurance News
DARAG acquires auto & travel insurer Arisa
10th August 2020
Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA. Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory ... Read the full article
Nat cats & investment volatility weigh on Sompo International profits
10th August 2020
Sompo International has posted a net loss of $146 million for the first quarter of the financial year, mainly due to large natural catastrophe losses, lower investment income, and yen appreciation. The company’s adjusted profit slumped to $49 million in Q1, compared with $82 million over the same period last year. However, ... Read the full article
Berkshire Hathaway P&C reinsurance loss driven by Covid-19 & prior year liabilities
9th August 2020
Berkshire Hathaway reported a significant level of losses within its property and casualty reinsurance business for the second-quarter of 2020, as the impacts of the Covid-19 pandemic and negative prior year reserve development on longer-tailed liabilities drove the division to a loss for the period. Overall, Warren Buffett's Berkshire Hathaway reported ... Read the full article
Aston Lark announces acquisition of Lloyd’s broker Incepta
7th August 2020
Aston Lark, the Chartered insurance broker backed by Goldman Sachs, has announced the acquisition of Incepta Risk Management. Incepta is an established Lloyd’s broker offering solutions to clients and customers, direct and wholesale, with an appetite for UK commercial business developed through successful underwriting binders as well as effective open market ... Read the full article
Marsh adds Cheung as UK Placement Leader, Marsh JLT Specialty
7th August 2020
Insurance broker Marsh has appointed Winsee Cheung as UK Placement Leader, Marsh JLT Specialty. Effective in the fourth quarter, Cheung will report to Paul Moody, UK CEO, Marsh JLT Specialty and be based in London. As UK Placement Leader, she will oversee Marsh JLT Specialty’s placement strategy, facility management, and the development ... Read the full article
Morgan Stanley partners with HUB, Marsh, and WTW on HNW P&C cover
7th August 2020
American investment bank, Morgan Stanley has announced that it will now be offering Property and Casualty (P&C) insurance to its high net-worth (HNW) clients and their families. Morgan Stanley has teamed up with re/insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson (WTW) in order to offer this ... Read the full article
RAA applauds new FEMA disaster mitigation program
7th August 2020
The Reinsurance Association of America (RAA) has expressed its support for the Federal Emergency Management Agency’s (FEMA) new grant program. The program aims to provide funding to states, local communities, tribes and territories for affordable, risk-reducing disaster mitigation activities to strengthen the USA’s resilience with the purpose to reduce future disaster ... Read the full article
White Mountains reports rise in net income for Q2
7th August 2020
White Mountains Insurance Group, Ltd. has announced an increase in net income to $115.4 million for the second-quarter of 2020 but a loss of $13.4 million for the first six months of the year. Comprehensive income also spiked for the quarter to $115.7 million against $17.6 million a year earlier, although ... Read the full article
Sirius posts Q2 net loss but underwriting profitability returns
7th August 2020
Sirius International Insurance Group, Ltd. has fallen to a net loss of $14 million for the second-quarter of 2020, while underwriting profitability returned as the firm recorded a combined ratio of 96% for the period. The firm's Q2 2020 net loss compares to net income of $102 million in the same ... Read the full article
Investment recovery boosts Third Point Re’s income
7th August 2020
Hedge fund-backed reinsurer Third Point Re improved its net income to $124 million during the second quarter of 2020, helped by a recovery in the investment markets following pandemic-induced volatility in Q1. The Q2 figure compares with a net income of $53.1 million for the same period last year, although the ... Read the full article
Underwriting actions take hold at Protective in Q2
7th August 2020
Indiana, U.S. headquartered insurer, Protective Insurance Corporation, has reported an improved loss ratio and combined ratio for the second-quarter of 2020 as actions to enhance its underwriting performance start to have an effect. Protective has reported a combined ratio of 101.4% for Q2 2020 compared with 107% in the prior year ... Read the full article
HDI Global appoints new Chief Financial Officer
7th August 2020
HDI Global SE has announced the appointment of Dr. Christian Hermelingmeier as its new Chief Financial Officer (CFO). He will be succeeding Clemens Jungsthöfel, who is joining the Executive Boards of Hannover Rück SE and E+S Rückversicherung AG as the successor to outgoing CFO Roland Vogel. Both of their new positions ... Read the full article
IAG recovers $700mn from reinsurers after heavy cat year
7th August 2020
Australian insurer IAG has posted a 59.6% downturn in net profits for the fiscal year ended June 30th, 2020, offset by AU $700 million (US $504 million) of recoveries from its catastrophe reinsurance program. IAG’s net profit after tax came to $435 million for FY20, compared with $1.08 billion in the ... Read the full article
Hurricane Isaias to drive $1bn+ insured & economic losses: Aon
7th August 2020
Economic and insured loss totals from the impact of Hurricane Isaias are each individually expected to surpass the $1 billion threshold, according to analysts at Aon. Isaias swept across the Caribbean over July 28th to August 1st with notable impacts in the Dominican Republic, Puerto Rico, and the Bahamas. It later tracked ... Read the full article
RKH Reinsurance Brokers targets APAC treaty growth with new hires
7th August 2020
RKH Reinsurance Brokers (RKHRB), the dedicated reinsurance arm within RKH Specialty, has announced three new additions to its APAC operations. Steve Warwick has been named Head of Treaty Reinsurance APAC, Xueyang Wang as Director, and Steven Chung as Associate Director. All three of the new additions will be based in Hong Kong ... Read the full article